Kennedy Wilson to sell Japanese apartments for $257m
Kennedy Wilson is considering the sale of its ownership interest in 50 multifamily buildings in Japan for $257 million, according to a Bloomberg report.
Operating in the Japanese market since 1995, Kennedy Wilson began trading on the Tokyo Stock Exchange as Kenedix in 2002. However, in 2003, it sold its interest in Kenedix. It started building its Japanese apartment portfolio in 2006.
For its U.S. portfolio, Kennedy Wilson is under contract to acquire a 61.5 percent stake in a 27-property portfolio from Winthrop Realty Trust for an estimated $486 million. The portfolio totals 4,655 units in California, Idaho, Missouri, Nevada, Oregon and Washington state.
On the selling side, the San Diego–based firm has sold two apartment properties this year thus far, according to Real Capital Analytics. Kennedy Wilson